TIF Provides Key to Hyde Park Hotel Project
The development of a new 131-room Hyatt Place hotel in Hyde Park will be supported by up to $5.2 million in Tax Increment Financing (TIF) assistance approved today by City Council.
Planned by Smart Hotels/Olympia Chicago at 5253 S. Harper Ave., the $28.6 million project will include a pool, fitness center, café, meeting spaces, a business center and 50 below-grade parking spaces.
“Hyde Park has many wonderful assets but one thing it has lacked in recent years is a first-rate hotel,” Mayor Rahm Emanuel said. “This project provides the type of overnight lodging that the community needs.”
The assistance will be funded by property taxes generated by the hotel and reimburse the developer for TIF eligible expenses. The funds will be dispersed in annual installments after the hotel is built, pending the project’s ongoing compliance with employment, operational, and other requirements associated with the assistance.
The 84,000-square-foot facility will be part of the 1.1 million-square-foot Harper Court mixed-use complex under construction at 53rd Street and Lake Park Avenue.
Twenty one permanent and approximately 200 temporary jobs will result from the hotel’s construction. It is projected to generate $350,000 in annual hotel, sales and parking taxes.
For more information about TIF, visit www.cityofchicago.org/tif.
# # #